Wednesday, October 21, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
LISTED DEVELOPER Philippine Realty Holdings Corp. (PhilRealty) may exit corporate rehabilitation next year once it completes the first tower of its property complex in New Manila, Quezon City.
PhilRealty President Amador C. Bacani told reporters at the sidelines of the firm’s stockholders meeting yesterday that the company was committed to complete Andrea North Skyline Tower by the second quarter of next year before requesting an end to the court-ordered rehabilitation.
The completion of the 32-story building is a major component of the rehabilitation plan that was approved by the Quezon City Regional Trial Court in 2003. The other two requirements are settlement of debt with five creditors through an asset-to-debt swap and payment of P50 million to "nonsecured creditors" which include contractors and suppliers.
The construction of the more-than-a-decade-old Skyline Tower was put on hold in 1999 because of lack of funds. The company resumed construction only in February this year.
Skyline Tower is one of five clusters of luxury condominiums set to rise on the two-hectare Andrea North Complex at the corner of Balete Drive and N. Domingo Street in New Manila.
Mr. Bacani said 40% of the tower has been sold while the remaining 200 units will be disposed of next year. Unit sizes will range between 45 square meters (sq. m.) to 207 sq. m. They will be sold for P55,000 to P65,000 per square meter.
The Andrea North Complex will have a total of 4,600 units and will be completed in the next four years, Mr. Bacani said.
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